Latest Cyber Headlines
All the headlines from our Cyber Topic Page, ordered by recency.
‘Cautious Optimism’ for Cyber Buyers as More Focus on Risk Controls: Marsh
Jul 6 2022 // While the market for cyber insurance is expected to remain challenging “for the foreseeable future,” there is optimism for rate stabilization as organization focus on cyber hygiene, according to broker...
Luxury British Jeweler Pays $7.5 Million in Crypto Ransom to Russian Hackers
Jul 6 2022 // Luxury British jeweler Graff Diamonds Corp. paid $7.5 million ransom in Bitcoin to a Russian hacking gang after it leaked data on the jeweler’s high-profile clients, according to a London lawsuit. Graff, that counts...
The Insuring Cyber Podcast: Is Ransomware at a Turning Point?
Jul 6 2022 // Although reports indicate ransomware activity has been quieter than usual to start the year, experts say that likely won’t last for long. “What we see is there’s an evolution of [ransomware] changing and...
People Moves: MS Amlin Names Liberty Mutual’s Baxter as Head of Reinsurance; DUAL Hires HDI’s Biemann for Cyber; Gallagher Re Taps Swiss Re’s Kreutzer for Nordic Region
Jul 6 2022 // This edition of International People Moves details appointments at MS Amlin, DUAL Europe, and Gallagher Re. A summary of these new hires follows here. MS Amlin Names Liberty Mutual’s Baxter as Head of Reinsurance,...
25 Years: The Journey of Cyber Insurance
Jul 6 2022 // While young underwriters may think that cyber insurance is a recent coverage innovation, the line is actually more than two decades old. Here, Kurtis Suhs, a veteran of the cyber insurance industry who served as an...
Markets/Coverages: Physicians Mutual Unleashes Pet Insurance; Allianz Expands Cyber Capacity for Coalition
Jul 5 2022 // Physicians Mutual Launches Pet Insurance Physicians Mutual has launched pet insurance for dogs and cats. Physicians Mutual Pet is the company’s first entry into the property/casualty market. Physicians Mutual Pet is...
Cyber Experts Say California Lacked Safeguards for Gun Owner Data
Jul 5 2022 // Cybersecurity experts say the California Department of Justice apparently failed to follow basic security procedures on its website, exposing the personal information of potentially hundreds of thousands of gun owners. The...
SMBs Are Struggling to Get Cyber Insurance; Here’s How to Stay Protected
Jul 4 2022 // For the first time ever, cyber insurance is facing a hard market. Since the product line’s inception about 20 years ago, carriers, brokers and policyholders have reaped the benefits of soft market conditions....
Cyber Insurtechs and Insurers ‘In This Together,’ Not in Competition
Jul 4 2022 // Insurtechs and insurance companies are “breaking down the wall” that stood between them as competitors in favor of working together to tackle dynamic cyber risk. Lori Bailey “We’re all trying to...
Captives, MGAs, MGUs Contribute to Growing Cyber Insurance Market
Jul 4 2022 // The hard market for cyber insurance, which is expected to continue for “some time,” and a lack of capacity has made captive insurers an “attractive risk management option for corporations,” said AM...
Grocery Chain Wegmans Settles with New York Over Data Breach
Jul 1 2022 // The supermarket chain Wegmans agreed to pay $400,000 and upgrade its security practices over a data breach that exposed personal information of more than 3 million consumers nationwide, New York Attorney General Letitia...
‘It’s Not Been Fun’: Cyber Insurance Brokers Seek Consistency as Hard Market Settles
Jun 29 2022 // Alexandra Bretschneider said it feels like she has been a part-time grim reaper the last two years. The cyber practice leader at broker Johnson, Kendall & Johnson said, “I am just constantly delivering bad...
Marsh Launches Cyber Incident Management Service to Support UK, European Clients
Jun 28 2022 // Insurance broker Marsh announced the launch of its Cyber Incident Management (CIM) service to support clients headquartered in the UK and Continental Europe to prepare for, respond to, and recover from cyber incidents, as...
Cyber Pirates Prowling Ship Controls Threaten Another Big Shock
Jun 28 2022 // In February 2019, a large container ship sailing for New York identified a cyber intrusion on board that startled the US Coast Guard. Though the malware attack never controlled the vessel’s movement, authorities...
SMBs Are Struggling to Get Cyber Insurance: Here’s How to Stay Protected
Jun 27 2022 // For the first time ever, cyber insurance is facing a hard market. Since the product line’s inception about twenty years ago, carriers, brokers, and policyholders have reaped the benefits of soft market conditions....
Wall Street Banks Quietly Test Cyber Defenses at Treasury’s Direction
Jun 27 2022 // With global tensions rising over Ukraine, the cutthroat competitiveness of the US financial sector is yielding to partnership over the conviction that a cyberattack against even a group of minor banks – or a third-party...
Cyber Insurtechs and Insurers ‘In This Together,’ Not in Competition
Jun 24 2022 // Insurtechs and insurance companies are “breaking down the wall” that stood between them as competitors in favor of working together to tackle dynamic cyber risk. “We’re all trying to solve the same...
Carnival Cruise Pays $5M, Gives Up Insurance Licenses in New York Over Data Breach
Jun 24 2022 // New York’s financial services regulator has fined Carnival Corp. $5 million for violations of the state’s cybersecurity regulations that the state says caused four cyber breaches and the exposure of personal...
People Moves: MMC Names Jones, Hageman to Senior Posts; Lockton Welcomes Marsh’s Millett for Innovation; Applied Financial Builds Cyber Risk Team
Jun 24 2022 // Marsh McLennan Creates New Senior Leadership Positions Marsh McLennan announced the appointment of John Jones as chief marketing and communications officer and Pat Hagemann as chief of staff to the chief operating...
Hackers Steal $100 Million by Exploiting Crypto’s Weak Link
Jun 24 2022 // Hackers looted about $100 million from a so-called cryptocurrency bridge, again exposing a key vulnerability in the digital-asset ecosystem. Blockchain Harmony said in a tweet that the hack of its Horizon bridge, which...
